Singapore unicorn Carousell cuts 7pc workforce across South-east Asia, including Malaysia
SINGAPORE, Dec 7 — Carousell, the Singapore-based online marketplace, laid off 76 employees yesterday, reducing its workforce by 7 per cent.
The company’s co-founder and CEO, Quek Siu Rui, shared the news during a townhall on the same day, The Straits Times reported last night.
Of the 76 job cuts, 46 roles were based in Singapore, while the rest were distributed across Carousell’s regional markets including Malaysia, Vietnam, and Indonesia.
The layoffs are part of Carousell’s ongoing efforts to streamline operations and reallocate resources in a challenging economic environment.
A company representative confirmed that all affected employees will receive a severance package, including one month’s salary for every year of service, with a minimum of three months’ pay.
Additional support includes extended medical and insurance coverage for employees and their families until June 2025.
Carousell will also provide compensation for unused paid time off and flexible benefits, and expedite stock vesting for eligible employees.
For foreign employees in Singapore, the company will assist with relocation and ensure they can complete their notice period, preserving their right to stay unless they choose to leave.
The Creative Media and Publishing Union (CMPU) has worked with Carousell to secure fair compensation and transition support for affected union members.
CMPU, affiliated with Singapore’s National Trades Union Congress (NTUC), will offer job matching services and career advisory support through various platforms, including e2i and NTUC LearningHub.
Carousell was founded in 2012 in Singapore by Quek, Marcus Tan, and Lucas Ngoo and grew rapidly to become one of South-east Asia’s leading online classifieds and marketplace platforms, earning a valuation of over S$1 billion in 2021.
